Turkey’s Yapı Kredi secures syndicated loans
HÜRRİYET PhotoTurkish lender Yapı Kredi said on May 4 it had made a 364-day and 367-day syndicated loan agreement comprised of a U.S. dollar tranche of $513 million and a euro tranche of 835 million euros.
“This syndication is the successful refinancing of Yapı Kredi’s existing syndication loan signed in April 2014 with a roll-over ratio of above 114 percent,” the bank said in a statement.
The Club Term Loan Facility has been raised by a syndicate including 48 of Yapı Kredi’s key relationship banks from 15 countries. The loan is intended to be used for trade finance purposes, the bank said.
“Turkey’s strong budget dynamics have made a big contribution in securing the loan with a roll-over ratio over 100 percent in a period when uncertainties have risen and currency fluctuations are the case over the expected rate hike by the U.S. Federal Reserve,” Yapı Kredi CEO Faik Açıkalın said.
“Our high performance, strong financial stance and solid network also played a great role,” he added.
Wells Fargo Bank acted as Coordinating Bank and Mizuho Bank Ltd as the Agent, said the statement.